The Global Smart Office Market Size is anticipated to reach USD 57.05 billion by 2025, at a CAGR of 13.2% during the forecast period from 2018 to 2025. Strictly from the perspective of the application market, this is the most dynamic field owing to the broad use of IT industry in 2015.
Looking at the constantly evolving rate of organizations, it is expected that a huge number of organizations all over the world are going to make a gradual shift to smart offices. This is mainly because of changing workforce demographics and technological expectations of modern employers and employees.
While there is a huge difference between big companies and new companies, especially in terms of the price of the product, customers are prepared to pay more money to obtain superior quality services and products. In this technology-intensive battle, it can inevitably become too hard for a new company who does not possess its own R&D team and core technology. With a valuation of USD 14.30 billion, the retrofit segment led the market in 2016. It is expected to maintain its dominant position throughout 2025.
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The ever-growing popularity of Smart Office technology serves as a motivational boost for manufacturers looking to invest in research and development activities for coming up with dependable, cost-effective, and improved products. The increasing acceptance of Internet of Things (IoT) is said to enhance the growth of the market as IoT enables inter-networking of physical devices. This includes network connectivity, software, actuators, and sensors. This makes it seamless for employers to enhance the productivity of employees and also increase flexibility in work environments. The escalating demand for hardware systems will be a positive factor for the overall market.
The key players covered in this study :
Johnson Controls Inc.
Cisco Systems, Inc.
Honeywell International, Inc.
Schneider Electric SA
The Smart Office Market Size segmentation is conducted on the basis of product, building type, application, type, and sales channel. Based on its product, the market is segmented into Smart HVAC Control System, Fire & Safety Control System, Security & Access Controls System, Energy Management System, Audio-Video Conferencing System, and Smart Office Lighting. On the basis of building type, the market is bifurcated into old and new buildings. Based on type, the market is divided into smart lighting, security systems, and HVAC control. When it comes to application, the market is classified into IT industry, communications industry, financial sector and other. Based on sales channel, market segmentation is performed by direct channel and distribution channel.
On the basis of geography, the study on Smart Office Market is analyzed based on leading areas such as China, North America, South America, Asia Pacific, Europe, and RoW for the period of 2016 to 2024. While Europe is the main consumption area of Smart Office all over the globe, China is the most potential market since it comes with the fastest-growing rate of 23.84%.
Manufacturers are beginning to put in substantial funds into the development of new products in order to deliver an improved user experience. This is believed to trigger market growth. In terms of component, the service segment is likely to post the highest CAGR of 15.0%.
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